Meals and supply main Zomato has determined to not go forward with its plans to foray into the lending enterprise. In a BSE submitting, the corporate mentioned that its wholly-owned subsidiary, Zomato Monetary Companies, has voluntarily withdrawn its software for a non-banking monetary firm (NBFC) licence with the Reserve Financial institution of India (RBI).
“The board of administrators of ZFSL, a completely owned subsidiary of Zomato Restricted, at its assembly held right now, i.e., July 2, 2024, has determined to voluntarily withdraw the applying dated April 29, 2022, submitted with the Reserve Financial institution of India (“RBI”) for getting certificates of registration for endeavor the enterprise of a non-banking monetary firm (Sort II NBFC-ND), as we don’t want to pursue the lending/ credit score enterprise anymore,” the corporate said in its BSE submitting.
It added that this choice has no “materials affect”on the income or operations of the corporate, and this disclosure is being made voluntarily.
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